The Obama administration is proposing tougher restrictions on brokers who manage Americans' retirement accounts, reigniting a confrontation with the financial services industry over rules affecting trillions of dollars in 401k and other savings accounts.

Mortgage giant Fannie Mae reported net income of $1.3 billion for the fourth quarter. That's down sharply from $6.5 billion a year earlier due largely to losses on investments used to hedge against swings in interest rates.

The nation's top labor official ratcheted up pressure on the two sides haggling over a new contract for dockworkers at West Coast seaports, telling them if they don't reach an agreement by Friday, they'll have to leave California and negotiate in Washington.

Hoping to shed its reputation for offering little more than dead-end jobs, Wal-Mart, the nation's biggest private employer, is giving raises to nearly a half-million workers and offering what it says are more opportunities for advancement.